M50 - Contracts signed for M50 upgrade phase 2

FCC and ITINERE sign contract and financing for the M-50 highway in Dublin (Ireland)
09-10-2007

ICON consortium, composed by FCC Construcción (FCC Group), Itinere Infraestructuras (Sacyr Vallehermoso Group) and their Irish partner PJ Hegarty, have entered into a concession contract with the National Roads Authority (NRA) for a period of 35 years. The contract comprises the design, construction, financing and operation of the M50 ring road in Dublin. The consortium's investment will amount to approximately 300 million euro.

The National Roads Authority (NRA) announced that the project was essential in helping to deliver the infrastructure required on the urban road network in Dublin. The need to extend the M-50 was identified as one of the main projects of the National Development Plan (NDP) 2000-2006, published by the Government in November 1999.
The M-50, currently in operation, is a two lane carriage-way. In 2006, it registered an ADT of 88,000 vehicles. It is Dublin's ring road and comprises various access links to the city and to the Dublin airport and port. The works to be undertaken consist of the upgrade of 24 kilometres of said carriage-way to three lane standard and the provision of auxiliary lanes between the M1 and N3 junction and between the N7 and Sandyford junction. In addition, 8 junctions and 6 structures will be improved. Works will begin in the coming months and are expected to be completed by the end of 2010.

The Financial Close took place on the 27th September 2007. The Project was 50% funded by the European Investment Bank with the remaining funding equally shared among La Caixa, RBS, MCC and Fortis commercial banks.